Caterpillar 2Q profit falls 43 pct; cuts outlook

Caterpillar says its second-quarter profit fell 43 percent as dealers cut inventories more than it had anticipated and the company cut its profit and revenue outlook for the year.File photo

Associated Press

PEORIA -- Caterpillar says its second-quarter profit fell 43 percent as dealers cut inventories more than it had anticipated and the company cut its profit and revenue outlook for the year.

The world's largest maker of construction and mining equipment is reporting earnings of $960 million, or $1.45 per share, compared with $1.7 billion, or $2.54 per share a year ago. Revenue slid 15.8 percent to $14.63 billion.

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